The noose is closing down on anonymous wallets: the EU Commission wants to outlaw them

The noose is closing down on anonymous wallets: the EU Commission wants to outlaw them

Monday, 26 July, 2021

Many times anonymous transactions have been used to do illegal acts, as a result, the European Union (EU) attempted to outlaw anonymous cryptocurrency transactions. 

 

What the European Union wants to do is not easy, that’s why it is joining the Financial Action Task Force (FATF) and the German Ministry of Finance in their battle against cryptocurrency privacy and autonomy. 

 

The new bill, according to the EU, would allow comprehensive traceability of crypto-asset transfers, such as Bitcoin. It allows them to be tracked and stopped if they are used to illegal acts. 

 

Crypto companies are required to have a communications infrastructure that nowadays does not exist. However, such infrastructure is expected to emerge in the future, which will collect rich information on cryptocurrencies in a centralized way. That means it will be illegal to sell anonymous crypto asset wallets soon. If the bill continues, bitcoin will theoretically become a fully regulated monetary system. 

 

A new EU-wide organization with 250 members will be established to oversee hazardous transactions. 

 

Many prestigious attorneys say that only the offering of anonymous crypto wallets should be outlawed, not the usage of one's own crypto wallets. 

 

The in-house lawyers of those enterprises who are affected by this new legislation may analyze it and find out what to do.

 

We should not forget the fact that it still has to be approved by EU member states and the European Parliament. 

 

Source:

https://bitcoinblog.de/2021/07/21/die-schlinge-zieht-sich-zu-eu-kommission-will-anonyme-wallets-verbieten/

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